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OTTAWA - Ottawa has given its blessing to the sale of properties2 I) _! v7 A1 X1 r) K* e8 x. s
owned by Athabasca Oil Sands Corp. to a Chinese company.6 A" L) q4 ?& ]0 Q" c* {. e6 r
Federal Industry Minister Tony Clement says he has reviewed the' t3 A9 a# M d) l! e0 |
deal between Athabasca and PetroChina International Investment Co.
7 ]" c7 Q* c. N6 M* m( A9 Q& hLtd. and finds its is likely to be of net benefit to Canada./ f. g. W$ p2 i! ]) k8 x% @
Clement says PetroChina and its parent, PetroChina Co. Ltd., have, S' D7 ?) o6 Z% i8 b+ |* b% j6 }
made a number of significant commitments should they be allowed to
" n5 C" ^6 ?( c* h/ macquire control of the MacKay and Dover oil sands projects. ^ O% `+ N+ H F- r3 [* d
Among other things, the Chinese concerns have agreed to capital, C' @7 u2 `7 c4 v
expenditures in excess of $250 million for developing the properties
. @0 W' } T, X" m) ` qover the next three years. d7 W% ?# d Q
They have also pledged to increase employment levels in Canada as' p' \" C+ ^" Y$ `7 K" `
they develop the projects over the next three years and to maintain& S! Q8 C1 {/ V3 F
an Alberta head office for operating companies associated with the" S4 E2 O% B; {. m7 Y( n
projects for the next five years.+ P# m+ S2 W: S3 [# n
(The Canadian Press) |
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